Ovid Therapeutics (OVID) ZACKS·2024-08-20 17:00Core Viewpoint - Ovid Therapeutics has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, particularly influenced by institutional investors [4]. - For the fiscal year ending December 2024, Ovid Therapeutics is expected to earn -$0.55 per share, reflecting a 25.7% change from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Ovid Therapeutics has increased by 35.8%, indicating a positive trend in earnings estimates [8]. Zacks Rating System - The Zacks Rank stock-rating system categorizes stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Ovid Therapeutics to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].